A review of the major themes in the book, “The End of Affluence” by Jeffrey Madrick.
This paper examines “The End of Affluence” by Jeffrey Madrick, which centers on the decline of our economy and not the growth. It looks at how, instead of focusing on the rising affluence of American families, Madrick focuses on the end of the American economic growth machine and how, instead of focusing on the problems that economic growth can help solve, the author writes about the problems that economic stagnation has generated.
“Stagnant incomes also put significantly greater emotional pressures on family members, thus leading to higher divorce rates and more families with two working spouses. Children must then fend for themselves a good part of the day, and so they complete less homework and perform at lower levels in school. In some ways, federal education funding is also merely symbolic – never enough to be a significant contribution except in schools in very poor neighborhoods. But federal education funding is very important as a way of getting the country to discuss educational priorities. For more than 20 years, the focus was on equity; in the 1980s, it shifted more toward the economy. Today, neither issue seems to be part of the budget conversations.”